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IRS Permits Certain Partnerships to File Superseding Partnership Returns

July 31, 2019

To allow partnerships that may have made errors on their 2018 tax returns a chance to correct those errors, the U.S. Internal Revenue Service (IRS) is granting certain partnerships a chance to file superseding 2018 tax returns (Rev. Proc. 2019-32). The relief applies to partnerships that had timely filed their Forms 1065, U.S. Return of Partnership Income, and Schedules K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., for the 2018 tax year (March 15 for calendar-year taxpayers) and did not elect out of the new centralized partnership audit regime. Such partnerships will now be allowed an extension of time to file superseding 2018 Forms 1065 and Schedules K-1 by Sept. 15, 2019. Read more at the Journal of Accountancy.